 "Adani Enterprises to launch maiden public NCD issue worth Rs 800 crore")
Adani Enterprises Ltd (AEL) announced on Thursday the launch of its first public issuance of secured, rated, listed, redeemable non-convertible debentures (NCDs) on September 4, 2024. The company aims to raise Rs 800 crore through this issue.
The offering will comprise up to 80,00,000 NCDs, each with a face value of Rs 1,000. The base issue size is Rs 400 crore, with an option to retain oversubscription up to an additional Rs 400 crore, bringing the total potential issuance to Rs 800 crore.
The NCDs have been rated “CARE A+; Positive” by CARE Ratings Limited, indicating an adequate degree of safety regarding timely servicing of financial obligations and low credit risk.
Key details of the NCD issue:
Issue size: The total issue size is Rs 800 crore, which includes a base size of Rs 400 crore and an option to retain an over-subscription (green-shoe option) of an additional Rs 400 crore.
Number of NCDs: The offering will consist of up to 80,00,000 secured, listed, and redeemable NCDs, each with a face value of Rs 1,000.
Tenor options: The NCDs will be available in tenors of 24 months, 36 months, and 60 months, with options for quarterly, cumulative, and annual interest payments across eight series.
Interest payment options: Quarterly, cumulative and annual payment options are available across eight series.
Application size: The NCDs will be available in tenors of 24 months, 36 months, and 60 months, with options for quarterly, cumulative, and annual interest payments across eight series.
The NCDs will be available for subscription from September 4, 2024, and the issue will close on September 17, 2024, with the option of early closure or extension.
The funds raised will primarily be used to prepay or repay the company’s existing debt (at least 75 per cent) and for general corporate purposes (up to 25 per cent).
The lead managers for this issue are Trust Investment Advisors Private Ltd, A K Capital Services Ltd, and Nuvama Wealth Management Ltd.
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